Covidien snaps up Reverse Medical
August 22, 2014 by Brad Perriello
Covidien isn’t letting its impending acquisition by Medtronic slow down its own merger activity, announcing today that it acquired Reverse Medical and its line of vascular devices for an unspecified amount.
The move adds Reverse Medical’s CE-Marked Barrel brain aneurysm device, UNO neurovascular embolization system and MVP micro-vascular plugs to Mansfield, Mass.-based Covidien’s neurovascular segment. Read more
Report: Medtronic butts heads with shareholders at annual meeting
August 22, 2014 by Arezu Sarvestani
Not everyone is thrilled about the impending mega-merger of medtech titans Medtronic and Covidien. Although investors have rallied around the $43 billion deal and have lauded its structure as a corporate inversion, many stockholders are angry that they’re being stuck with a tax penalty.
Some shareholders have sued to block the merger, but others showed up in person at Medtronic’s latest annual conference to voice their concerns, according to local reports. Read more
Allergan can't delay shareholder vote on hostile Valeant bid
August 22, 2014 by Brad Perriello
An insider trading lawsuit brought by Allergan won’t delay a shareholder meeting sought by Valeant Pharmaceuticals and William Ackman’s Pershing Square Capital Management hedge fund for a vote on their $53 billion hostile takeover bid, a federal judge ruled yesterday.
Allergan’s bylaws require 25% of its shareholders to approve a special meeting; Valeant and Pershing Square claim they’ve gathered the requisite number of votes to call the meeting. But Allergan’s lawsuit, invoking another bylaw barring a meeting if federal securities laws were broken, alleges that Valeant and Pershing shared insider information when they worked up their bid. Read more
Report: Allergan solicits Salix in bid to stymie hostile Valeant takeover
August 20, 2014 by Brad Perriello
Allergan asked Salix Pharmaceuticals about a potential merger as it looks to stymie a $53 billion hostile takeover by Valeant Pharmaceuticals and William Ackman’s Pershing Square Capital Management hedge fund, the Wall Street Journal reported.
A deal with Salix or another possible suitor could happen as soon as next month, according to the newspaper. A union with Salix could make the resulting entity too expensive and complex for the Valeant/Pershing alliance to acquire, according to “people familiar with the matter,” the Journal reported. Read more
Report: Endo Health puts AMS up for sale
August 25, 2014 by Arezu Sarvestani
Endo Health Solutions may be looking to ditch its American Medical Systems subsidiary, according to a Wall Street Journal report citing “people familiar with the matter.”
Endo bought pelvic devices maker AMS for $2.9 billion in cash in 2011. AMS has had a few issues over the years, including high-profile lawsuits over pelvic mesh implants and FDA warnings. The anonymous sources cited by the Journal speculated that the sales could garner $2 billion for AMS. Read more
